KUALA LUMPUR (Nov 7): Here is a brief recap of some corporate announcements that made news on Tuesday: GIIB Holdings Bhd, Fraser & Neave Holdings Bhd (F&N), Sersol Bhd, ManagePay Systems Bhd, EA Technique (M) Bhd (EATech), Icon Offshore Bhd, Kanger International Bhd, Hartalega Holdings Bhd, Crescendo Corp Bhd.
Rubber compound manufacturer GIIB Holdings Bhd has proposed to undertake a private placement of up to 10% of its issued shares to raise up to RM6.56 million, mainly to fund working capital and upkeep its machinery and equipment. In April, GIIB had also conducted a private placement to raise up to RM6.97 million, also to fund its working capital and to upkeep its machinery and equipment. The placement has yet to be completed. GIIB said the new private placement entails the issuance of up to 81.96 million shares to independent third-party investors to be identified later, at an issue price to be fixed.
Fraser & Neave Holdings Bhd’s (F&N) net profit rose 40.11% to RM536.9 million for the financial year ended Sept 30, 2023 (FY2023), from RM383.21 million a year earlier, fuelled by festive sales and out-of-home consumption, as well as contributions from snack and candy maker Cocoaland Holdings Bhd. Revenue climbed 11.88% to a record high of RM5 billion versus RM4.47 billion previously, according to the food and beverage (F&B) group’s bourse filing on Tuesday. This is the group's highest full-year net profit since FY2010, when it logged a net profit of RM695.29 million on a revenue of RM3.64 billion. F&N has recommended a dividend of 50 sen per share — comprising a final dividend of 33 sen and special dividend of 17 sen.
Chemical manufacturer Sersol Bhd has removed its chief executive officer Datuk Wira Justin Lim Hwa Tat, citing his absence from office without proper notice and not responding to a show cause letter since his suspension as CEO on Aug 30 this year. Sersol said Lim's termination is effective Nov 6. On Sept 1, Sersol announced that Lim had been suspended from the post of CEO for allegedly showing insubordination and failing to act as a responsible CEO due to non-response to any of the official requests made by the board of directors since July 20, 2023.
ManagePay Systems Bhd's (MPay) group chief executive officer for its payment services segment Tan Yew Loong resigned on Sunday (Nov 5) after spending four years with the electronic payment solutions provider’s senior management. MPay said that Tan, 47, has stepped down due to his other personal commitments. Tan became group CEO of MPay's wholly owned unit Managepay Cards Sdn Bhd in May 2019. Prior to that, he had served as managing director since December 2016.
Voultier Sdn Bhd (VSB) is set to become the largest shareholder of the financially troubled EA Technique (M) Bhd (EATech) on the proposed plan to subscribe to 676.39 million shares or a 51% stake in the company through a share issuance exercise. VSB is largely owned by businessman Datuk Wira Mubarak Hussain Akhtar Husni with a 70% stake and the remaining 30% is held by Kinery Advancement Bhd managing director Datuk Lai Keng Onn. VSB is also seeking an exemption from the obligation to undertake a mandatory general offer for the remaining shares in EATech.
Icon Offshore Bhd said it has secured a contract to supply a 60-tonne anchor handling tug supply vessel, which will be used for SEA Hibiscus Sdn Bhd’s drilling campaign. The group said its wholly owned unit Icon Offshore Group Sdn Bhd received the letter of award from SEA Hibiscus on Oct 18 to perform its 2023/2024 drilling campaign. The provision of service commenced on Oct 24. Icon said the value of the contract is based on the schedule of rates issued by SEA Hibiscus throughout the contract duration, which is 450 days from the commencement date with a 30-day extension option.
Expanding its portfolio of investment properties, Kanger International Bhd has acquired 15 units of the proposed serviced apartments in Tower A of Antara Genting Highlands Resort Suites for RM19.77 million. Kanger said its wholly owned subsidiary KIB Global Resources Sdn Bhd had entered into a sale and purchase agreement with Aset Kayamas Sdn Bhd, the developer of the resort. Back in 2021, Kanger had already acquired 126 serviced apartments at Levels 30 to 45 in Tower A, Antara Genting Highlands Resort Suites for RM142.87 million.
Glove maker Hartalega Holdings Bhd returned to the black, with a net profit of RM27.7 million for the second quarter ended Sept 30, 2023 (2QFY2024), after registering three consecutive quarters of losses. For 1QFY2024, it posted a net loss of RM52.47 million. Revenue for the quarter of RM452.09 million was an improvement of 2.7% from the RM440.04 million registered for the immediate preceding quarter.
Crescendo Corp Bhd is divesting of seven parcels of adjoining land in Pulai, Johor to a data centre operator for RM117.02 million cash to boost its cash flow for other development projects. Crescendo’s wholly owned unit Panoramic Industrial Development Sdn Bhd entered into agreements for the disposals with STT GDC Malaysia 2 Sdn Bhd, a data centre operator wholly owned by Singapore-incorporated STT Malaysia DC Pte Ltd. STT GDC Malaysia’s directors include Bruno Lopez, who is also the deputy chief executive officer of Temasek-backed ST Telemedia. While Crescendo did not disclose the ultimate shareholder of STT Malaysia DC, a search with Singapore’s Accounting and Corporate Regulatory Authority showed that the unit shares the same address as ST Telemedia.